The magazine industry has finally announced what people have speculated for months now: several publishers will collaborate to introduce a digital format for existing print magazines. The project includes Time Warner, Hearst, Meredith, Condé Nast, and News Corp. and will exist as its own entity, replete with a full corporate infrastructure, including a new CEO.

The most glaring problem with this plan is distribution. The unnamed venture hopes to control publishing, something neither Amazon or Apple can possibly like. This new venture has to keep both those companies in mind as it’s their devices this media will release to.

And then there’s the issue of value. Are people really going to pay for this kind of content? I’d say it’s doubtful at best, and the odds go down if it can’t be tied into an existing Amazon or iTunes account. I’d say the target for this sort of project already has their online subscriptions to sites that offer high value per dollar. Can the same be said for a digital version of Condé Nast Travel? I don’t think so.